T

he Brief

Magik helps you easily onramp users from around the world and seamlessly convert 25+ currencies to crypto in 10 lines of code

Founders

CEO, Mohit Jandwani

Himanshu Bamoria

Shiv Sakhuja

Akshat Gupta

Y Combinator (W23) Just Launched

Launch YC: Magik - Global Fiat → Crypto OnRamp Aggregator

David J. Phillips @davj / 5:30 PM PST • January 23, 2023

Magik eliminates the need for web3 applications to connect with various onramps across different regions. The company's software development kit (SDK) aggregates onramp providers to equip you with a wider range of payment methods and the best rates in over 60 countries.

Image Credits: Magik

Magik is designed for use by web3 applications or wallets that require the ability to convert fiat currency to cryptocurrency in various regions around the world. Its functionality can be easily integrated into your app with just 10 lines of code, enabling your users to make payments using local methods such as Pix, GrabPay, UPI, and SEPA. Transactions are settled quickly, either in minutes to your crypto wallet or your users' wallets. Additionally, Magik handles necessary legal compliances, including KYC and AML. Also, you don't have to worry about chargebacks.

Image Credits: Magik

‎The founders of Magik created it because, during the development of their yield farming application, they were frustrated by the complex process of integrating various payment methods across different regions. Each location has its own set of on-ramp providers that specialize in different payment methods, including local options, support for different chains and tokens, and varying prices and transaction limits.

Image Credits: Magik

‎Web3 applications have a global reach and therefore require a global solution for on-ramping. With this in mind, the founders of Magik created an easy way to integrate with the best onramps worldwide.

By integrating Magik, web3 applications can benefit from a single point of access to on-ramping solutions and facilitate funds acceptance from users in more than 60 countries, eliminating the need for intermediate steps like buying USDC first. Plus, you'll get the onramp rates.

Image Credits: Magik

‎If your web3 application requires the ability to convert fiat currency to cryptocurrency in various regions around the world, Magik can assist in improving the user onboarding experience by providing solutions for global onramping.

Posted 
January 23, 2023
 in 
Launch
 category
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